Twitter Stock Rallies More Than 11% After Gnip Acquisition

As we reported yesterday Twitter has acquired Gnip, a major provider of social data, for an undisclosed amount.

And the market’s reaction? Very bullish, as Twitter stock rallied more than 11 percent after the purchase, adding almost three billion dollars to its market capitalisation.

Twitter (TWTR) spiked almost five full dollars, advancing from $40.87 to $45.52, an increase of 11.38 percent. Overall, the company added $2.74 billion to its market cap.

However, it’s worth noting that, impressive as this move was, Twitter is still a long way below its all-time closing high ($73.31, December 26th 2013) and might need a bit more work before investor faith is fully restored.